Cash Is King : Gold hits 5 year low
Expectations of rate hike by Fed trigger sell-off. On Wednesday, Gold hits 5 year low due to a heavy pullout by investors, to divert their funds into riskier assets following expectations of an interest rate rise by the US Federal Reserve on strong recovery in the American economy.
Gold has got 3 strong points – a strengthening dollar, strong recovery in the US economy favoring global equity markets and a “sooner than expected” rise in US interest rates.
More panic selling by investors is expected.
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